Changing the due dates for C corps, S corps and partnerships to file business tax returns is included as a revenue-raising measure in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (P.L. 114-41). The changes are generally effective with respect to returns filed after Dec. 31, 2016.
It’s not all bad: The new due dates should make it easier for taxpayers to gather information needed to file their tax returns.
The law also makes changes to the Affordable Care Act.
Return due dates for C corps. C corps will file Form 1120 by the 15th day of the fourth month after the end of their fiscal year, instead of by the 15th day of the third month.
Exception: C corps with fiscal years ending on June 30 have until tax years beginning after Dec. 31, 2025, to comply with the new due date.
Also for tax years beginning after Dec. 31, 2015, a six-month filing extension (now three months) is generally available to fiscal-year C corps.
Exceptions: For tax years ending before 2026, calendar-year C corps may request a five-month filing extension; C corps with fiscal years ending on June 30 may request seven-month filing extensions.
Return due dates for partnerships and S corps. Calendar-year partnerships will file Form 1065 and S corps will file Form 1120S by March 15, instead of April 15. Fiscal-year partnerships and S corps will file by the 15th day of the third month, instead of the fourth month, after the end of the fiscal year. Partnerships may request a six-month filing extension through Sept. 15.
Affordable Care Act changes. For months beginning after Dec. 31, 2013, when determining whether you are a large employer (i.e., you employ 50 full-time employees, including full-time equivalent employees), you must exclude employees who are veterans and who receive their health care through TRICARE or another veteran’s health program from your employee count.
Eligibility for health savings accounts. For months beginning after Dec. 31, 2015, employees who are veterans remain eligible for health savings accounts if they receive hospital care or medical services under any law administered by the Secretary of Veterans Affairs for a service-related disability.